Multibranding - Yum!
Multibranding - Yum!
Multibranding - Yum!
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Consolidated Statements of Cash Flows<br />
Fiscal years ended December 27, 2003, December 28, 2002 and December 29, 2001<br />
<strong>Yum</strong>! Brands Inc. 49.<br />
(in millions) 2003 2002 2001<br />
Cash Flows — Operating Activities<br />
Net income<br />
Adjustments to reconcile net income to net cash provided by operating activities:<br />
$ 617 $ 583 $ 492<br />
Cumulative effect of accounting change, net of tax 1 — —<br />
Depreciation and amortization 401 370 354<br />
Facility actions 36 32 1<br />
Wrench litigation 42 — —<br />
AmeriServe and other charges (credits) (3) — (6)<br />
Contributions to defined benefit pension plans (132) (26) (48)<br />
Other liabilities and deferred credits 17 (12) 37<br />
Deferred income taxes (23) 21 (72)<br />
Other non-cash charges and credits, net<br />
Changes in operating working capital, excluding effects of acquisitions and dispositions:<br />
32 36 15<br />
Accounts and notes receivable 2 32 116<br />
Inventories (1) 11 (8)<br />
Prepaid expenses and other current assets — 19 (3)<br />
Accounts payable and other current liabilities (32) (37) (13)<br />
Income taxes payable 96 59 (33)<br />
Net change in operating working capital 65 84 59<br />
Net Cash Provided by Operating Activities 1,053 1,088 832<br />
Cash Flows — Investing Activities<br />
Capital spending (663) (760) (636)<br />
Proceeds from refranchising of restaurants 92 81 111<br />
Acquisition of Yorkshire Global Restaurants, Inc. — (275) —<br />
Acquisition of restaurants from franchisees (41) (13) (108)<br />
Short-term investments 13 9 27<br />
Sales of property, plant and equipment 46 58 57<br />
Other, net 34 15 46<br />
Net Cash Used in Investing Activities (519) (885) (503)<br />
Cash Flows — Financing Activities<br />
Proceeds from Senior Unsecured Notes<br />
Revolving Credit Facility activity, by original maturity<br />
— 398 842<br />
Three months or less, net (153) 59 (943)<br />
Proceeds from long-term debt — — 1<br />
Repayments of long-term debt (17) (511) (258)<br />
Short-term borrowings-three months or less, net (137) (15) 58<br />
Repurchase shares of common stock (278) (228) (100)<br />
Employee stock option proceeds 110 125 58<br />
Other, net — (15) (10)<br />
Net Cash Used in Financing Activities (475) (187) (352)<br />
Effect of Exchange Rate on Cash and Cash Equivalents 3 4 —<br />
Net Increase (Decrease) in Cash and Cash Equivalents 62 20 (23)<br />
Cash and Cash Equivalents — Beginning of Year 130 110 133<br />
Cash and Cash Equivalents — End of Year $ 192 $ 130 $ 110<br />
See accompanying Notes to Consolidated Financial Statements.
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